What is blockchain? In very simple words, it is an electronic system on top of which anyone can build applications. Ethereum is one such application which is based on blockchain technology, it is an open software platform that enables developers to build and deploy decentralized applications.
In 2015, platforms like Ethereum made the concept of Smart Contracts and DApps popular. A Smart Contract is a computer program that directly controls the transfer of digital currencies or value based assets between parties under certain party or developer defined programmatic conditions. You can find the more information at - https://github.com/ethereum/wiki/wiki/White-Paper.
Since its first use in 2008, blockchain gains a lot of popularity and now almost every new business developing an application based in this blockchain technology. But current blockchain technology has its own limitation, smart contract transitions, balance transfer, API, P2P communication, everything was handled at the global level with single blockchain concept. And existing platforms are not able to support the high number of TPS, it has fixed consensus models, and are not able to quickly adapt to the ever-growing needs of developers.
To address these issues, The Silicon Valley-based team came up with a solution called Multi-blockchain platform. A platform which consists of two types of the blockchain, one is Motherchain a Proof of Work-based blockchain and other is Microchain for Smart Contracts supporting multiple consensus models. Motherchain is a global chain which controls the flow of multiple Microchain and is responsible for providing security by prohibiting third-party interference, like denial of service attacks and network spam. Motherchain also processes data and provides storage. On the other hand, Microchain is responsible for managing the smart contracts and it functions as a child blockchain within the platform and it operates above the global Motherchain. Microchains uses a verity of consensus system that helps with high volume transactions. Microchain separate processing tasks and isolate blockchain functions from business logic. MOAC provides unique Microchain to each smart contract which allows a wider range of potential business logic use cases.
Sharding -
The MOAC Platform also provides blockchain Sharding, a feature which horizontally partitions data across multiple blockchains and nodes. Unlike today's blockchain solution that processes the same time multiple times causing low performance, Sharding uses a node-based approach. Sharding is a process which breaks very large blockchain nodes into smaller, faster and easily managed shards. Each Shard will have multiple nodes but in small numbers. Sharding process subdivides the whole network into multiple shards (or group of nodes), and as long as there are sufficient nodes in each shard, the system is still highly secure. This allows for secure processing of parallel transactions, further increasing the number of transactions-per-second (TPS) over existing blockchain solutions.
Cross-Chain-
Existing blockchain platform don’t have capabilities which support communication between two cryptocurrencies or smart contracts and other blockchain systems. MOAC solve this issue by providing cross-chain functionality. MOAC’s cross-chain features allow communication between MOAC’s Microchain and other Non-MOAC blockchains.
Mining -
MOAC supports two type of mining, one is Microchain mining where each node is rewarded for processing Smart Contracts and verifying transactions. Mining for Microchain will be rewarded with MOAC tokens and tokens associated with that
specific Microchain. The second type of mining is Motherchain mining, it functions similarly to Ethereum, and existing ETH miners can easily switch to the MOAC platform. If you wish to mine only MOAC tokens, then Motherchain mining is the option for you.
Summary -
MOAC not only solves the performance and cost issues, but the platform also has some unique features such as Multi-Blockchain architecture, blockchain Sharding, Microchain Smart Contracts, and Cross-Chain capabilities. In my opinion, if the team manages to deliver what they promised on time then it will be one of the most popular platforms like today’s Ethereum. I know its too early to say this, but if you follow MOAC social media platform then you will come to know the efforts which whole MOAC team is putting into this platform.
https://twitter.com/moac_io
https://t.me/moacblockchain
https://medium.com/@moac_io
https://github.com/MOACChain/moac-core
https://www.reddit.com/r/MOAC/
https://www.facebook.com/moacchain/
https://www.linkedin.com/company/moac-chain/